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July 2, 2020

Covid-19 affect on job market worse than expected

By Paul Dennis

2 July

Governments across the world have collectively injected more than $10tn in fiscal stimulus since the onset of the Covid-19 pandemic.

Despite this stimulus, unemployment and business closures have been at an all time high.

Governments, workers and employers need to work together to draft an economic recovery plan that is both sustainable and effective in the long run.

Colin Williams, professor of public policy at the University of Sheffield, shared an article by UN News on the forecasts made by the International Labour Organization (ILO) on the tough road ahead for the global job market.

The ILO noted that the Covid-19 pandemic has affected the job market more than initially predicted.

The article noted that working hours fell by 14% in the second quarter of 2020 equivalent to the loss of approximately 400 million jobs.

In other news, Rob Gill, managing director at Altura Mortgage Finance, shared an article on forecasts made by the Bank of England’s chief economist on a possible V-shaped recovery for the UK, although a prolonged period of unemployment is expected.

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